Jump Crypto has discovered a vulnerability in Celer's State Guardian Network, which could have allowed a malicious validator to compromise the network and applications dependent on it. The issue was privately reported to the Celer team and has since been fixed. The vulnerability involved fraudulent voting, where a malicious validator could vote multiple times on the same update, effectively multiplying their voting power and potentially tipping the vote in favor of an invalid or malicious update. This would allow them to spoof arbitrary onchain events such as bridge transfers, message emissions, or staking and delegation on Celer’s main SGN contract. While there are defense-in-depth protections in place that make a complete theft of all funds locked in its bridge unlikely, an attacker could exfiltrate tokens with a value of around $30 million before contracts are halted.

Ethereum's gas fees have reached a new multi-month high due to a growing memecoin frenzy, resulting in a surge in daily revenue for the network.

Staking service provider P2P.org has received $23m in funding from crypto heavyweights Jump Crypto, Bybit and Sygnum. P2P is developing a new infrastructure platform catering to intermediaries, which capitalises on the recent Shanghai upgrade of the Ethereum network that allows users to withdraw assets they have "staked." P2P plans to use the funding to develop blockchain infrastructure that enhances the user experience in staking as well as researching and developing expansion initiatives.

Coinflow Labs, a web3 payment stack provider based in Chicago, has closed a $1.45m pre-seed funding round led by Jump Crypto and Reciprocal Ventures, with participation from various investors.

A vulnerability affecting the Cosmos ecosystem and Ethermint was recently discovered by Jump Crypto and blocked before it could cause significant damage. Ethermint, which enables the use of Ethereum smart contracts within the Cosmo ecosystem, was the affected network. The bug could have allowed an attacker to bypass specific smart contract functions and steal transaction fees, leading to denial of service to users. The Evmos Core Development team and the Cronos team collaborated with Jump Crypto to address the issue, including a patch to block transactions with certain messages to eliminate the attack vector. No malicious exploitation occurred, and the Cronos team awarded Jump Crypto a $25,000 bounty for their discovery. The root cause of the vulnerability was improper handling of transactional messages in Ethermint's implementation, specifically the interaction between two message types. The attacker exploited the vulnerability by embedding one message type inside another, bypassing a security feature responsible for deducting gas fees from transactions.

Blockchain-based fan token platform Chiliz has launched a $50 million incubator and accelerator program to fund early-stage projects in the sports and entertainment industries that use the Chiliz blockchain. 

Chiliz Labs, backed by Jump Crypto, will assist promising and innovative blockchain startups in utilizing the Chiliz blockchain for sports and entertainment.

Chiliz, a blockchain-based sports token platform, is starting a $50 million incubator program called Chiliz Labs to target early stage projects in sports and entertainment. The program is backed by Jump Crypto, the investment arm of Chicago-based market maker Jump Trading.

Chiliz, the global blockchain leader for Web3 sports and entertainment, is pleased to announce the launch of its $50M USD incubator and accelerator programme Chiliz Labs.

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